Once the property is rehabbed, you do a cash-out refinance to long term financing (e.g. conventional 30 year), and pay off your short term lender.  

For the uninitiated, SXSW is a global convention hosted in Austin every spring.

Conventional loan How did you add value to the deal?

Cash-out refi standard 30 year fixed rate conventional loan at 3.625% ....  

You are allow up to hold 4 conventional mortgages by law.

Hard money/transferring to conventional How did you add value to the deal?

The speed of closing is what will get you the deal over others using conventional financing.

I say 7 months, because on a conventional loan (Fannie/Freddie) you must be on title for 6 months before you can do a cash out loan. 

We are trying to see if there is a way to get rid of PMI ($324 a month) and lower the interest rate by refinancing with on a conventional or other loan product.

Hawaii does seem to be impacted more given it is a pure flyto destination and people are flying much less now.Separately, many of conferences, meetings, and conventions have been postponed or cancelled.